Ann: Operations Update , page-9

His comment on 3rd party discussions was consistent with what was apparently stated at the AGM in that the majors don't really want to pay up much to get in at thsi stage. So good that he's holding out and sending a message.

Not sure if I am reading too much into it, but interesting that he specifically mentions the Laurel BCGS evaluation as not needing external funding at this stage. Can't help but wonder whether they may farm out the Goldwyer or other plays in the meantime to get some additional activity happening. I think this would make sense. i.e. hold the Ungani plays, build value then farm out the Laurel BCGS at approriate time, and farm out the Goldwyer and other plays to ensure high levels of activity prior to future acreage relinquishments kick in. It's important to fully understaand what you have before the scheduled relinquishments and they won't get another State Agreement to ensure tenure over these other areas.

Shorters will count on the reduced near term drilling activity, while I expect there will be quite a few additional long term investors buying in. Will be interesting to see how that all plays out, but in the long term the fundamentals continue to look great.